Beijing denies the overcapacity its year-old crackdown already conceded
A forceful new rebuttal to Washington and Brussels lands the same week Chinese factory use falls to its weakest since the pandemic. The Party's campaign against involution is meanwhile ongoing.
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In today’s Daily Dragon: China rejects the overcapacity charge, even as a year-old crackdown on domestic price wars quietly concedes the point. Also worth your time: Moonshot allegedly seeks more Nvidia Blackwell chips for its next model; Taiwan detains an Nvidia employee in a widening smuggling probe; Brad Setser shows China’s trade surplus is still climbing once gold imports are stripped out; Chinese AI labs chase market share with no business model to match, the NYT reports; Porsche and Audi show China’s toll in job cuts and guidance cuts, while Mercedes hides the same collapse inside a stronger group number; CXMT’s IPO turns a d…